122 Variation or resettlement of trust by unanimous consent of beneficiaries

(1)

A trustee may do either of the following on being required to do so by all of the beneficiaries who together hold all of the beneficial interest in the trust property, if the conditions set out in subsection (2) are satisfied:

(a)

vary the terms of the trust:

(b)

consent to the resettlement of the trust.

(2)

The conditions for an action in subsection (1) are that—

(a)

every beneficiary consents to requiring the variation or resettlement; and

(b)

the trustee receives a request to vary the terms of the trust or resettle the trust from or on behalf of each beneficiary; and

(c)

if any of the beneficiaries is a beneficiary described in section 124(2), the court has made an order under section 124 approving the variation of terms or resettlement on behalf of that beneficiary; and

(d)

the trustee has agreed to the proposal.

(3)

In this section and in sections 124 and 125, variation includes a change to the scope or nature of the powers of the trustee.